These are the 4 Altcoins Hunted by Whales! – Cryptokoin.com

On-chain analytics platform Santiment has detected large whale transactions across multiple altcoin networks. Transactions have increased volatility, but no major sell-offs have been made so far.

Santiment detects whale transactions on 4 altcoin networks

Crypto market analysis platform warns of increasing whale transactions across multiple altcoin networks. “Brianq” of Santiment analysts suggests that the development may indicate increased volatility rather than a ‘sell’. Altcoin projects subject to charge whale transactions: Loopring (LRC), Aave (AAVE), DyDx (DYDX and Curve (CRV).

The on-chain analyst also mentions that several altcoins benefited from the crypto rally in January. With the market focused on the leading cryptocurrency Bitcoin, many altcoins have recorded significant price gains, with some more than doubling in value in less than 30 days.

Additionally, the analyst identified several altcoins with unusual whale behavior. These altcoins have recorded hefty transactions recently, taking advantage of the overall price increase in January. Loopring (LRC), in particular, gained 113% in January alone due to excessive whale activity.

Santiment reported yesterday that 41 transactions worth more than $100,000 were made on the LRC network. Interestingly, trades after LRC had a minor price correction, which means these trades are not responsible for the temporary drop.

Whales turn to decentralized platforms after FTX collapse

It was notable that most altcoins on Santiment’s list are DEX platforms. In another example, Aave (AAVE) registered 106 whale trades on the same day, despite not yet climbing as high as the LRC in the January rally. The identified whale transactions also did not immediately affect the price of AAVE. It was a similar scenario for DYDX, whose impressive 173% earnings were rarely hit by 61 transactions over $100,000 counted on its network.

According to the analyst, the consistency of the identified whale transactions requires investors to pay more attention to the altcoin market. Although the improvement is meant to be a momentary profit making exercise, it can signal things to come. The on-chain analyst noted that there may be more significant exits from the altcoin market in the coming days or weeks.

Bitcoin rises as whales return

Aside from the whale transactions plaguing the altcoin market, there are signs that Bitcoin, which continues to rally, may soon surpass the $23,000 price level. The price increase suggested that this was due to the movement of the whales.

According to CryptoQuant’s metrics, on January 2, Bitcoin’s Coin Days Destroyed (CDD) inspection revealed that around 50,000 coins were destroyed. Also, the number of BTC held in storage for some time has decreased and there has been no significant increase in CDD flow.

Also, whale activity, which exceeded $1 million in January 2023, increased compared to December 2022, according to Santiment data. Selling pressure on stock markets intensified due to increased whale activity.

CryptoQuant’s whale statistic also shows an increase in whale activity despite the declining whale rate on exchanges. Also, a drop in the rate could be an indication of sinking whale movement in the stock markets. cryptocoin.com We have included the price expectations of analysts in this article.

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